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An ageless story of men, power, greed, and sex Testosterone Inc.: Tales of CEOs Gone Wild tells the story of a group of corporate titans–Jack Welch of GE, Dennis Kozlowski of Tyco, Ron Perelman of Revlon, and Al Dunlap of Sunbeam–during a time when all stock prices rose and all business leaders were heroes. With skill and wit, business writer and columnist Christopher Byron paints a vivid portrait of how these notable moguls became drunk on power and addicted to fame. Praise for Christopher Byron’s New York Times Bestseller Martha Inc. The Economist magazine Book of the Year and BusinessWeek Top Ten Business Book of the Year "Christopher Byron’s account is fun, bitchy and, when it is due, also admiring, of the woman who is responsible for stretching chintz across America." The Economist magazine "Enough dish to feed Martha Stewart lovers and loathers alike in this scrupulously reported bio." People magazine "Jaw-dropping tales of excess and success." New York Times "Christopher Byron has redefined the Martha Moment." USA Today
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TESTOSTERONE INC.
TALES OF CEOs GONE WILD
CHRISTOPHER BYRON
JOHN WILEY & SONS, INC.
TESTOSTERONE INC.
TESTOSTERONE INC.
TALES OF CEOs GONE WILD
CHRISTOPHER BYRON
JOHN WILEY & SONS, INC.
Copyright © 2004 by Christopher Byron. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-646-8600, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-748-6011, fax 201-748-6008. For general information on our other products and services, or technical support, please contact our Customer Care Department within the United States at 800-762-2974, outside the United States at 317-572-3993 or fax 317-572-4002. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our web site at www.wiley.com. Library of Congress Cataloging-in-Publication Data: Byron, Christopher. Testosterone inc. : tales of CEOs gone wild / Christopher Byron. p. cm. Includes bibliographical references. ISBN 0-471-42005-0 (cloth) 1. Chief executive officers—United States—Case studies. 2. Welch, Jack, 1935– 3. General Electric Company—Management. I. Title. HD38.25.U6B973 2004 658.4′2—dc22 2004003667 Printed in the United States of America. 10
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CONTENTS
ACKNOWLEDGMENTS
vii
PROLOGUE
ix
1
“IS THAT A GUN IN YOUR POCKET, YOU JUST HAPPY TO SEE ME?”
OR
2
“I WANT
3
A COURSE FOR NEW PROVIDENCE, OR DROWNING POOLS OF NARCISSISM?
TO
PLAY
IN THE
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GE LOVES ME!
5
AL
6
FOOLISH FAITH AND CREAM CHEESE
7 8
AND
DENNIS
ARE 1
BAND!”
17 THE
35 43
IN THE
QUESTION FROM DO I WEIGH?
PASSING LANE
THE
CASE
OF
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SUZIE 85
THE